According to the agreement, the Japanese bank JBIC will provide a loan of US$ 491 million to Modec and other companies responsible for the construction of the FPSO Almirante Barroso, ordered by Petrobras for the Campo de Búzios

The Japan Bank for International Cooperation (JBIC) entered into an agreement to provide a project loan for a floating production, storage and offloading (FPSO) vessel jointly owned by fellow Japanese companies MODEC, Mitsui & Co, Mitsui OSK Lines (MOL) and Marubeni Corporation, which will be chartered to Petrobras for operations in the Búzios field under a 21-year contract.

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The FPSO Almirante Barroso that will provide services to Petrobras is being built at the COSCO Dalian shipyard, in China. This is the seventh FPSO with which the four Japanese companies collaborate for operations in Brazil.

Under the agreement, JBIC will provide $491 million in its Growth Investment Facility, joining a $1,35 billion co-financing with MUFG Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, ING Bank, SocieteGenerale, Citi Bank, Clifford Capital, Standard Chartered Bank and BNP Paribas. Nippon Export and Investment Insurance (NEXI) will provide insurance for a portion of the loan.

According to JBIC, as oil companies in several countries have been actively developing offshore oil fields in recent years, the demand for new FPSO systems is expected to increase, particularly in Brazil. Petrobras is engaged in the development of many offshore oil fields in the country.

Expectations of FPSO Almirante Barroso chartered by Petrobras for oil and gas production in Campo de Búzios

The unit, FPSO Almirante Barroso MV32, will be deployed in the Búzios field, located in the gigantic pre-salt region of the Santos Basin, and is 100% operated by Petrobras.

As of 2022, the FPSO will be moored in waters with a depth of 1.900 meters. The unit will have the capacity to produce up to 150 barrels of crude oil per day and 212 million cubic feet of gas per day, in addition to storing 1,4 million barrels of crude oil.

A MODEC sees Brazil as its most important market for the FPSO business, and this latest project will be its twelfth FPSO vessel charter service for Petrobras.